The mempool (where valid Bitcoin transactions wait to be mined by miners) became loaded with transactions. This means there was a temporary backlog in pending Bitcoin transactions, and pending transactions with higher fees means more revenue for miners.

The mempool hasn’t had this much in pending transaction fees since July 2021, nearly a year ago.

Using onchain data, analysts confirmed that the large number of transactions that entered the mempool was Binance consolidating their UTXOs.

Finally, hash rate appears to be taking off again. The 14-day moving average recently passed 220 EH/s.

The demand to acquire Bitcoin with ASICs has never been higher, and Blockware Intelligence expects this growth to continue throughout 2022 and beyond.

Bitcoin recently crossed the halfway mark to the 2024 block subsidy halving. At that point, Bitcoin’s annualized inflation rate will drop from ~ 2% to slightly below 1%.